Gimme money! Designing digital entrepreneurial crowdfunding platforms for persuasion and its social implications

Abstract

Given its interesting history, dating back to the 18th century, crowdfunding is being recognised as a potential key driver of social impact in the 21st century. However, what we have seen is that even the philanthropic/social-benefit focus may not be sufficient to ensure success. In fact, many projects on crowdfunding platforms fail to persuade enough people to contribute financially. This study seeks to understand how persuasiveness may be enhanced in the digital entrepreneurial crowdfunding context. The adoption of the Persuasive Systems Design (PSD) model aided the development of a framework of distinct features deemed to facilitate persuasion. The proposed "Crowdfunding Platform Design" (CFPD) model is examined through a content analysis of five real-world crowdfunding platforms, resulting in the development of visual representations for each of the CFPD model's features. The content analysis is then followed up by semi-structured interviews with users of real-world crowdfunding platforms. Given the potential of crowdfunding platforms to drive social impact and change, this research-in-progress seeks to provide a holistic framework to help facilitate persuasiveness and in turn the success of crowdfunding platforms.